Week Ahead & 3 Things on Economic Focus for 08/06 thru 08/10/2018

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Ahead of the coming week, Team Day Trader has compiled a list of 3 major events on the economic calendar in which we believe are most likely to affect the market this week. Financial market participants should focus on escalating trade rhetoric, as we watch further developments in the ongoing trade war between the United States & China. Trade-war fears have been simmering for months, keeping market gains in check with investors jittery over the prospects of further escalation in tensions between the world’s two largest economies having an impact on economic growth.

On the data front, global financial markets will focus on this week’s U.S. consumer price data, which should give clearer signs on the pace of inflation & fresh hints on the frequency of Federal Reserve rate hikes through the end of the year.

1. U.S.-China “Trade War” Developments In Focus

Market focus is largely attuned to the next potential steps in the tit-for-tat trade dispute between the U.S. & China after the Asian nation said Friday it was preparing retaliatory measures against U.S. tariffs, targeting $60 billion worth of U.S. goods with import duties of between 5% and 25%.

The response follows the Trump administration’s proposal Thursday of a 25% tariff on $200 billion worth of Chinese imports. Neither side is showing any signs of backing down, fueling worries that world’s two largest economies are spiraling towards a trade war that could shake the global economy. The Chinese government’s top diplomat, State Councilor Wang Yi, said on Saturday the response by Beijing to U.S. trade measures were necessary and legitimate. Meanwhile, President Donald Trump, in a series of tweets on Saturday, said that his strategy of placing steep tariffs on imports of goods from China is “working far better than anyone ever anticipated,” citing steep losses in China’s stock market. Trump also claimed that China was talking to the U.S. about trade, but he provided no details. The U.S. & China have already implemented tariffs on $34 billion worth of each others’ goods in July. Washington is expected to soon impose tariffs on an additional $16 billion of Chinese goods, which China has already said it will match immediately.

2. Earnings Season Starts To Wind Down

About 40 S&P 500 companies are due to report financial results this week, in what will be the last big wave of the second-quarter earnings season. There’s no reason to list them all when I can easily just give you a picture, so below are your most anticipated Earnings Releases…

3. U.S. Inflation Data

The Commerce Department will publish July inflation figures at 8:30 am EST Friday, which should lend further support to the notion that inflation has returned to the Fed’s target. Consumer prices are expected to have risen 0.2% last month & 3.0% over the prior year, according to estimates. Excluding the cost of food & fuel, core inflation is projected to climb 2.3% on a year-over-year basis.

Besides the inflation data, this week’s rather light economic calendar also features reports on producer prices on Thursday.

The Fed kept interest rates unchanged last week, as expected, characterizing the U.S. economy as strong & staying on track to increase borrowing costs in September with another likely rise in December.

Hopefully helpful & stay up-to-date on all of this week’s action by visiting Team Day Trader’s blog Monday’s thru Friday’s, & on Sunday’s.

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